PRANGGORO, KUKUH
(2026)
PERAN CORPORATE GOVERNANCE DALAM MEMODERASI PENGARUH ESG DISCLOSURE
DAN COST OF DEBT TERHADAP NILAI PERUSAHAAN
(Pada Perusahaan Pembiayaan yang Terdaftar di BEI Periode 2019–2023).
Tesis thesis, sekolah tinggi ilmu ekonomi indonesia jakarta.
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh Environmental,
Social, and Governance (ESG) disclosure dan cost of debt terhadap nilai
perusahaan, serta menguji peran mekanisme corporate governance sebagai
variabel moderasi pada perusahaan pembiayaan yang terdaftar di Bursa Efek
Indonesia (BEI) periode 2019–2023. Fenomena rendahnya tingkat pengungkapan
keberlanjutan dan tingginya emisi karbon di Indonesia menjadi latar belakang
pentingnya transparansi non-keuangan dalam meningkatkan kepercayaan pasar.
Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan desain
asosiatif kausal. Sampel penelitian ditentukan melalui teknik purposive sampling,
yang menghasilkan unit analisis pada sektor multifinance selama lima tahun
pengamatan. Data sekunder diperoleh dari laporan tahunan dan laporan
keberlanjutan yang kemudian dianalisis menggunakan Moderated Regression
Analysis (MRA).
Hasil penelitian menunjukkan bahwa dalam model regresi langsung, ESG
disclosure tidak berpengaruh terhadap nilai perusahaan, Sebaliknya, cost of debt
berpengaruh terhadap nilai perusahaan karena beban bunga yang tinggi
meningkatkan kekhawatiran pasar terhadap profitabilitas dan risiko gagal bayar.
Sementara itu, corporate governance tidak berpengaruh terhadap nilai perusahaan.
Dalam pengujian moderasi, ditemukan bahwa corporate governance tidak dapat
memoderasi (memperkuat) pengaruh ESG disclosure terhadap nilai perusahaan.
Namun, corporate governance berperan dalam memoderasi (memperlemah
dampak negatif) cost of debt terhadap nilai perusahaan, menunjukkan bahwa tata
kelola yang kuat mampu memitigasi persepsi risiko pasar atas beban utang
perusahaan. Nilai Adjusted R-Squared sebesar 59,39% menunjukkan kemampuan
model dalam menjelaskan variasi nilai perusahaan.
This study aims to analyze the effect of Environmental, Social, and
Governance (ESG) disclosure and cost of debt on firm value, while examining the
role of corporate governance mechanisms as a moderating variable in financing
companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023
period. The background of this research is driven by the low level of sustainability
disclosure and high carbon emissions in Indonesia, highlighting the necessity of
non-financial transparency in enhancing market confidence. The research method
employs a quantitative approach with a causal associative design. The sample was
determined using a purposive sampling technique, resulting in analysis units
within the multifinance sector over a five-year observation period. Secondary data
were sourced from annual reports and sustainability reports, which were
subsequently analyzed Moderated Regression Analysis (MRA).
The findings indicate that in the direct regression model, ESG disclosure
has no effect on firm value. Conversely, the cost of debt influences firm value as
high interest expenses heighten market concerns regarding profitability and
default risk. Meanwhile, corporate governance shows no direct effect on firm
value. Regarding moderation testing, the results reveal that corporate governance
fails to moderate (strengthen) the effect of ESG disclosure on firm value. However,
corporate governance successfully moderates (weakens the negative impact) of the
cost of debt on firm value, demonstrating that robust governance is capable of
mitigating market risk perceptions associated with the company's debt burden. An
Adjusted R-Squared value of 59.39% reflects the model's capacity to explain
variations in firm value.
Keywords: ESG disclosure, Cost of Debt, Firm Value, Corporate Governance,
Moderated Regression Analysis.
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